Oak Harbor Wealth Partners LLC Sells 7,739 Shares of Royal Bank of Canada (NYSE:RY)

Oak Harbor Wealth Partners LLC cut its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 50.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,484 shares of the financial services provider's stock after selling 7,739 shares during the period. Oak Harbor Wealth Partners LLC's holdings in Royal Bank of Canada were worth $902,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RY. Capital Performance Advisors LLP bought a new position in shares of Royal Bank of Canada in the third quarter worth about $25,000. Dunhill Financial LLC bought a new position in shares of Royal Bank of Canada in the third quarter worth about $25,000. Larson Financial Group LLC bought a new position in shares of Royal Bank of Canada in the third quarter worth about $26,000. Roxbury Financial LLC purchased a new stake in Royal Bank of Canada in the fourth quarter worth about $29,000. Finally, Kieckhefer Group LLC purchased a new stake in Royal Bank of Canada in the fourth quarter worth about $36,000. 45.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays raised shares of Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a research note on Thursday, November 21st. TD Securities lowered shares of Royal Bank of Canada from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. BMO Capital Markets lowered their price objective on shares of Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating for the company in a research note on Thursday, December 5th. Finally, StockNews.com raised shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $156.50.

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Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at $115.07 on Friday. The firm has a market capitalization of $162.74 billion, a P/E ratio of 13.93, a PEG ratio of 1.80 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average price of $119.55 and a 200 day moving average price of $121.59. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be given a $1.0251 dividend. This represents a $4.10 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada's payout ratio is currently 45.96%.

About Royal Bank of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.

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